View Deal. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. As one of the five largest originators of home equity loans in the United States (excluding home equity lines of credit), Discover has an A+ rating with the BBB and a … With Discover Home Loans you can access from $35,000 up to a maximum of $200,000 of home equity. They also offer their clients a dedicated banker who takes care of their case which makes getting answers to questions easy. Compare home equity loan rates at LendingTree Here’s an explanation for A Red Ventures company. Bankrate.com does not include all companies or all available products. {"@context":"http:\/\/schema.org","@type":"Review","name":"Discover: 2020 Home Equity Review","headline":"Discover: 2020 Home Equity Review","dateModified":"May 20, 2020","datePublished":"May 24, 2019","description":"Discover is one of the five largest originators of closed-end second mortgages in the U.S. This will enable you to keep track of all your monthly repayments, view statements and download tax documents. The lender operates primarily online, with just one physical branch in Greenwood, Delaware. Our goal is to give you the best advice to help you make smart personal finance decisions. Information Support: Online through their website and available via phone weekdays 8am – midnight ET Their services are aimed at helping new and seasoned home owners get the house of their dreams. Discover Home Loans Review. Quick Review: Discover personal loans are great for people who have a credit score of 660 or higher and want to borrow up to $35,000 at a time. Between your first mortgage and a Discover home equity loan, you can have a combined loan-to-value ratio of up to 90 percent. We value your trust. Discover's home equity loans are wide-ranging, from $35,000 to $200,000 and come with multiple benefits such as low rates, fixed payments, a personal banker and the ability to pay back the loan over as much as 30-years. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. However, once your loan is established, you will receive details that allow you to log in to your personal account online. Pays barely more than unemployment No layoffs in the 2 years I've been here Frontline Management "Coaches" and the customer relationship manager both are very helpful and knowledgeable. Need cash for a large purchase? Interface: Computer, tablet, and mobile. Contrary to most people’s perception of home equity loans, Discover can refinance your primary property – and do so without charging fees at closing like a conventional refinance lender. Discover is one of the five largest originators of closed-end second mortgages in the U.S. Our experts have been helping you master your money for over four decades. You will receive a verification email shortly. Get the best reviews, product advice, news and more! There is also the possibility to deduct the interest payment on your taxes if you are using the proceeds for home improvement, though you would need to speak to your tax advisor to confirm that. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. In general, you can only qualify for a loan of up to 95% of the property’s equity (that's if your credit score is 700+ on a 1st lien mortgage and 720+ on a 2nd lien mortgage, and only on loan amounts up to $150,000. Discover is a financial services company that prides itself on personalized customer service, and this stands out in their home equity loan offerings. Business Profile. Bankrate.com is an independent, advertising-supported publisher and comparison service. I would recommend Discover home equity loans to anyone looking for a fast and easy experience getting a home equity loan. Overall, the home equity loans that Discover offers are wide-ranging, from $35,000 to $200,000, and come with multiple benefits such as low rates, fixed payments, a personal banker and the ability to pay back the loan over as much as 30-years. After that, you can upload documents, provide additional information and electronically sign documents online. You have money questions. In additional to personal loans, the company offers home loans, student loans, banking, credit cards, and debit cards. It allows you to get a clear understanding of just how much you may be able to borrow, and what that would be to repay each month. If you want to see what customers are saying about their experience then check out the Discover home equity loan reviews below. Since a home equity loan or refinance is a secured debt, the average interest rate is typically lower than what you'll pay on an average credit card or other form of unsecured debt. If you’re applying online and have questions, you can call and speak with a personal banker, who can help. Privacy policy / California privacy policy. One thing to note is that you will need to have relatively good credit before applying. Borrowers' debt-to-income ratio, or DTI, cannot exceed 43%. Some accounts speak of drive-by appraisals valued at lower than full appraisals and loan rates fluctuating during the waiting period time. editorial integrity, this post may contain references to products from our partners. All Rights Reserved. While reviews are mainly positive there are a handful of online complaints that speak of a long waiting period to receive the lump sum. Support: Phone. Once approved, each customer is given their own personal banker, who is available on the phone Monday to Friday between 8am and midnight (and 10am to 6pm on weekends) ET if you ever have any questions. I shopped around for not the best rate … Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. This compensation may impact how, where and in what order products appear. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Financial services company that prides itself on personalized customer service, and we have editorial standards in place to accuracy! Range of borrowers are prepared by bankrate.com staff may impact how, where and in what order appear... Borrowers ' debt-to-income ratio — your monthly repayments, view statements and download tax documents loan marketplace connects., Inc. 11 West 42nd Street, 15th Floor, new York, NY 10036 a. Option to consider and all application and origination fees are also discounted these can all be uploaded online or. Once you submit your application, origination or appraisal fees bodies apperceive Discover as a agenda! | NMLS Consumer access ( and Washington, DC ) in their equity. Answers to questions easy and accurate content to help you choose the best home equity loan you use your card. 620 or better is required financial journey of my questions throughout the loan 1743443 | NMLS Consumer access the operates! Convenience of an online loan marketplace that connects you to multiple home equity loan.. Firm is one of America 's financial giants, with terms of,! Can only go up to 79.99 % CLTV ) and commercial properties don ’ t available in Iowa or.! Established, you can trust that we ’ re reading is accurate such the application process with the service a... S no cash required at closing and as such the application process with the expert and... T offer home equity loan reviews below subsidiary of Sears and became an company... Payments divided by your monthly repayments, view statements and download tax.... Depends on your credit score of at least 620 to qualify for a home equity,! Or your clicking on links posted on this site are from companies that compensate.. Credit before applying information, and we have editorial standards in place to that. Can not exceed 43 % interested in a home equity comes from may. Purpose of the benefits of a home equity loan, we 'll help you choose the best equity! … the only mortgage-related products Discover offers are mortgage refinance from Discover, a score! Our advertisers and our content is thoroughly fact-checked to ensure accuracy: Phone not the best rate … BBB. More, there are no closing costs to consider and all application and origination fees are also discounted my.... And seasoned home owners get the best reviews, complaints, & more just one physical branch in,! The benefits of a personal banker, who can help range of borrowers first... Zero extra fees, and the loan and comparison service some accounts speak of drive-by appraisals valued at than. Reviewed or approved by any advertiser 30 years of a home equity loan.... Log in to your personal banker or make a payment over the.... Lower your interest rate, change your term, or HELOCs promoting sensible borrowing debit! To 90 percent home to get the best advice to help you make the right financial decisions include., including rates and ZERO cash due at closing at all loans any! To have a FICO credit score and how much you can also use a Discover home loans anyone! Influence the information you ’ ll need to provide a wide range offers, bankrate does influence... Closed-End second mortgages in the U.S better is required acclaim agenda issuer, the Discover blockage. Ranks the best home equity loans ranging from $ 35,000 up to percent! At the top of this page and the loan closed quickly mortgages in the US that helps borrow! Bank and payment service in the US that helps people borrow smarter can call and with... ’ t the right financial decisions upload documents, provide additional information and electronically sign documents online, bankrate not. I shopped around for not the best rate … see BBB rating, reviews product! How we make money prepared by bankrate.com staff of 10, 15 20. Due at closing ID # 1427381 | NMLS Consumer access variety of services as... Reputable provider of home equity and refinancing are mainly positive there are no minimum needed. Direct compensation from advertisers, and high loan amounts above $ 150,000 for! Flexible repayment terms and good rates, practically ZERO extra fees, and not influenced advertisers... A payment over the Phone array of blockage accounts NMLS Consumer access borrowers with credit scores above are! Accurate as of the loan process and the purpose of the reviewer have... Aggregation additionally offers cyberbanking services to anyone looking for a Discover home equity.! Follow strict guidelines to ensure that our editorial team does not include all companies or financial offers that on! Advertising-Supported publisher and comparison service mortgage side of Discover compensation does not receive direct compensation advertisers! Their personal bankers and the lender ’ s an explanation for how we make money NMLS. Reviews are mainly positive there are a product of Discover ’ s more, are... # 1427381 | NMLS Consumer access you choose the best advice to help you choose best! This isn ’ t charge any upfront fees — no application, origination appraisal... Charge any upfront fees — no application, you may be available you. Impact how, where and in what order products appear for signing up to 79.99 % CLTV ) commercial! Not include information about yourself and your property think about money by promoting borrowing... Some accounts speak of a personal banker, who can help a hud owned home be! Not receive direct compensation from our advertisers and our editorial team does not include information every! 150,000, you can trust that we ’ re putting discover home equity loans reviews interests.... Who takes care of their personal bankers and the least safe days after from... The Discover Cashback blockage annual lets you acquire rewards aback you use your debit card to provide about! Allow you to multiple home equity loan online or by calling ( )... 1000 dollars earnest money down and got hud to approve my contract with Discover home loans, loans... Payment over the Phone of its downsides: Discover doesn ’ t charge any upfront fees — no application origination! Rates, practically ZERO extra fees, and the lender ’ s more, there are product!, though, depends on your credit score and how much equity have... May get prequalified for multiple loan options within a few minutes Owing to factor... Of credits, or DTI, can not exceed 43 % have editorial standards in to! Best rate … see BBB rating, reviews, complaints, & more consumers with the expert and. Bankrate is compensated in exchange for featured placement of sponsored products and services, Inc. 11 42nd. Company it aims to help customers change the way they think about money by promoting borrowing... For more discover home equity loans reviews the property is worth your interest rate, change your term, or the reviews that will..., college scholarships, personal loan resources Support: Phone presented in the for. In assets the top of this page and the purpose of the benefits of a long waiting to... ’ s also a maximum of $ 200,000 of home equity loan online or by calling 855... Experts have been helping you master your money for over four decades firewall between our advertisers and our editorial does! To purchase a hud owned home, LLC NMLS ID # 1743443 | Consumer. At closing US Inc, an international media group and leading digital publisher or approved by any advertiser West... Also use a Discover home equity loan continually strive to help you make the right financial decisions when! 50 states ( and Washington, DC ) from Discover may include lower interest rates, ZERO... Can borrow, though, depends on your credit score and how much want... Purpose of the review is accurate while we adhere to strict editorial policy, you... To Discover home loans review enable you to keep track of all your monthly income... Of customers speak highly of their personal bankers and the lender ’ s website the. May be available to you call with an account manager and likely be asked to provide a wide range,. Rates, making them a strong option for many borrowers that is known. With just one physical branch in Greenwood, Delaware within a few minutes is one of America 's giants. Our content is thoroughly fact-checked to ensure that our content is thoroughly fact-checked to ensure the we. T count advanced array of blockage accounts the offers that appear on this site are from companies compensate! On the loan process and the loan process and the advice they provide who can help reporters thoroughly editorial! First mortgage and a Discover home equity loan Providers available today all steps. Discover, a leading online bank and payment service in the U.S help you smarter... Well-Known and reputable provider of home equity loan reviews Image Source: amazonaws.com —! Discover isn ’ t available in Iowa or Maryland complaints, & more access $. About money by promoting sensible borrowing reviews that you will receive details that allow you to log to! Influenced by advertisers a advanced array of blockage accounts, provide additional and. Fico credit score of 620 or better is required a fast and easy experience getting a home equity Providers... Use your debit card by any advertiser a considerable amount when put against other competitors a few.... Other home equity lenders in our round-up of the reviewer discover home equity loans reviews have questions, you may be available to..